2012 South Dakota Codified Laws
Title 54 DEBTOR AND CREDITOR
Chapter 14. Mortgage Lender Business
§54-14-35 Sharing of information.

54-14-35. Sharing of information. The following provisions apply to the sharing of information collected and retained by the director during the administration of this chapter:

(1) Except as otherwise provided in 12 U.S.C. § 5111 as of January 1, 2009, the requirements under any federal law or § 51A-2-35 regarding privacy or confidentiality of any information or material provided to the nationwide mortgage licensing system and registry, and any privilege arising under federal or state law (including the rules of any federal or state court) with respect to the information or material, continue to apply to the information or material after the information or material has been disclosed to the nationwide mortgage licensing system and registry. The information and material may be shared with all state and federal regulatory officials with mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections by federal law or § 51A-2-35;

(2) No information or material that is subject to a privilege or confidentiality under this section is subject to:

(a) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or

(b) Subpoena or discovery, or admission into evidence, in any private civil action or administrative process, unless with respect to any privilege held by the nationwide mortgage licensing system and registry with respect to the information or material, the person to whom the information or material pertains waives, in whole or in part, in the discretion of the person, that privilege.

This section does not apply with respect to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators that is included in the nationwide mortgage licensing system and registry for access by the public.

Source: SL 2009, ch 251, § 20.